19 Mar Equinor publishes its annual report for 2025
(Oilandgaspress) – Equinor delivered adjusted operating income* of USD 27.6 billion, and adjusted net income* of USD 6.43 billion in 2025. Net operating income was reported at USD 25.4 billion and net income at USD 5.06 billion.
Strong operational performance across the portfolio led to equity production of liquids and gas of 2,137 mboe per day in 2025, an increase of 3.4% compared to the previous year. Equity production of renewable power also increased to 3.67 TWh in 2025, a 25% increase from 2024.
Despite lower commodity prices, the company reported strong cash flow and an industry-leading return on average capital employed* of 14.5% for 2025. Capital discipline remained firm with organic capital expenditures* of USD 13.1 billion for the year. The net debt to capital employed ratio adjusted* ended at 17.8% in 2025.
The solid financial results of 2025 also led to important contributions to society through taxes. In 2025, Equinor paid USD 20.5 billion in corporate income taxes, of which USD 19.7 billion was paid in Norway, where Equinor has the largest share of its operations and earnings.
On the NCS, Johan Sverdrup continued to deliver strong performance in 2025. New fields such as Johan Castberg and several tie-ins started production, and many of the mature fields were operating with high regularity. Together this contributed to the highest annual production on the NCS in more than 15 years.
Internationally, the Bacalhau oil field in Brazil came on stream in 2025. Equinor realised significant value through the divestment of the Peregrino oil field, and the establishment of the joint venture Adura supports Equinor’s strategic portfolio optimisation and is expected to strengthen free cash flow* going forward.
In 2025, Equinor progressed the major offshore wind projects Empire Wind, Dogger Bank and Bałtyk 2 & 3. To further optimise value creation and strengthen synergies, Equinor also established the new business area Power, which combines renewables, flexible generation, energy storage and power trading.
Equinor reduced operated scope 1 and 2 emissions by 34% from 2015 to 2025, down to 10.1 million tonnes CO₂e. The efforts to reduce emissions continue towards the ambition of a 50% reduction by 2030. The average upstream CO₂ intensity of Equinor’s portfolio was 6.3 kg CO₂ per boe in 2025, less than half of the industry average.
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